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BHP Billiton: The cost environment has "significantly changed" due to the conflict in the Middle East.BHP Billitons revenue for the fiscal year was US$58.76 billion, a 15% increase year-over-year. Capital and exploration expenditures for the fiscal year were US$10.26 billion, a 5% increase year-over-year.BHP Billitons net profit for the fiscal year was US$9.83 billion, up 9% year-on-year. BHP Billitons underlying profit for the fiscal year was US$13.2 billion, up 30% year-on-year, exceeding market expectations of US$12.66 billion.August 18th - A Reuters/Ipsos poll released on August 17th showed that US President Trumps approval rating has dropped to 33%, a new low during his second term. The poll indicated that 64% of Americans disapprove of Trumps performance in the White House, and approximately 80% expect the conflict between the US and Iran to "last a long time." The survey was conducted online nationwide, collecting feedback from 1,166 American adults.On August 18th, international oil prices rose by about 3% on Monday due to the bleak prospects for US-Iran peace talks. Trump stated that he had no intention of extending the expiring agreement with Iran. The US-Iran memorandum of understanding, signed in June, technically expired on Monday. The two sides still have disagreements on many issues, including the Strait of Hormuz. Other officials suggested that the US is not in a hurry to end the conflict, which has lasted for nearly six months. The US Energy Secretary stated that the US is engaged in a long-term game with the Islamic Republic of Iran; while Trumps senior advisor, Kushner, said that Trump would remain patient in reaching an agreement.

Natural Gas, WTI Oil, Brent Oil – Oil Markets Test New Highs

Cory Russell

Jan 18, 2023 16:09

Natural Gas

Natural gas settled near the $3.60 level as traders remained focused on weather forecasts. The current market consensus implies that weather will turn colder closer to the end of the month. However, it remains to be seen whether forecasts will provide additional support to natural gas markets in the near term as current demand for natural gas remains low.

WTI Oil

WTI oil tested new highs today as traders bet on rising demand from China. In its latest report, OPEC said that world demand will grow by 2.22 million bpd in 2023. However, this estimate could be revised as the fourth quarter of 2022 was stronger than expected.

Brent Oil

Brent oil has also enjoyed strong support in today’s trading session. While resistance near the $87 level remains strong, Brent oil will have a good chance to climb above this level if traders stay focused on rising demand from China.